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New EBP SAS – AICPA issues Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA
As expected, In July 2019, the AICPA Auditing Standards Board (ASB) issued AICPA Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit...
Protect Employee Benefit Plan Information from Cybercriminals
Julie Verrekia was recently featured on PICPA Podcast talking about protecting employee benefit plan information from Cybercriminals. Social Security numbers. Medical data. Financial information....
Expansion of Determination Letter Program
Revenue. Procedure. 2019-20, consistent with the process described in Rev. Proc. 2016-37, 2016-29 I.R.B. 136, provides for a limited expansion of the determination letter program with respect to...
IRS Modifies EPCRS for Loans and Certain Plan Document Failures
With the issuance of Revenue Procedure 2019-19, the IRS modifies its Employee Compliance Resolution System for the second time in less than a year. Effective April 19, 2019, the IRS modified the IRS...
IRS UPDATES MORTALITY IMPROVEMENT RATES & STATIC MORTALITY TABLES FOR 2020
In Notice 2019-26, the IRS has provided updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans under § 430(h)(3)(A) of the Internal Revenue Code...
IRS Will Not Amend Regulations to Bar Lump-Sum Payment Option to Retirees Receiving Annuity Payments (Notice 2019-18)
In Notice 2019-18, Offering a Lump-Sum Payment Option to Retirees Currently Receiving Annuity Payments under a Defined Benefit Plan, the Department of the Treasury and the Internal Revenue Service...
Recent Legal Cases of Interest to Plan Sponsors
There have been several recent legal developments which plan sponsors should be aware. Putnam investments has asked the Supreme Court to weigh in on who is responsible for bearing the burden of...
IRS Issues Proposed Regulation on Hardship Distributions
As directed by the Bipartisan Budget Act of 2018, the Internal Revenue Service has issued a notice of proposed rulemaking relating to hardship distributions from section 401(k) plans. The amendments...
Actuarial Mortality Improvement Scale MP-2018 Released
In October 2018, the Society of Actuaries (SOA) updated the Mortality Improvement Scale (Scale MP-2018) that accompanies its most recent Mortality Table (RP-2014). The updated mortality improvement...
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